The Federal Reserve Board has extended its Paycheck Protection Program Liquidity Facility for an additional month, saying in a statement on Friday that this would be the facility’s final extension.

The Fed said extending the PPPLF to July 30 would give banks, community development financial institutions, and other financial institutions additional processing time to pledge PPP loans to the facility. The PPPLF provides credit to financial institutions that processed PPP loans, accepting the loans as collateral.

The PPP ended last month, though the U.S. Small Business Administration has until June 30 to approve applications received by the end of May. The PPPLF was established in April last year, and the Fed said the facility bolstered the PPP’s effectiveness by helping financial institutions fund the loans. Since the PPP’s launch in April 2020, lenders processed almost $800 billion in PPP loans, including $277.7 billion in 2021, according to SBA data.

The PPPLF had $84.2 billion in outstanding advances as of May 31, according to Fed data.